Life and non-life insurance companies, accounts, Q2 2002

Non-life insurance

The result of the technical account has improved since the second quarter 2001, from NOK 64 million to NOK 2 316 million. However, poor performance in the securities marked has led to a weaker income from financial assets, which has contributed to an overall deficit. In the second quarter last year the net income from financial assets was NOK 975 million. This year the net income from financial assets was minus NOK 1 313 million, which led to a deficit of minus NOK 1 786 million on the ordinary activities

Earned premiums for non-life insurance companies increased by 14.2 per cent from 2001 to 2002, from NOK 14.6 billion to NOK 16.6 billion. During the same period the claims incurred increased by 1.9 per cent, to NOK 12.3 billion. Total assets for non-life insurance companies increased by 2.5 per cent from second quarter 2001 to 2002, and total assets were at the end of second quarter 2002 NOK 103 billion.

Life insurance

The weak performance of the securities markets led to a severe decline in the profit and loss account for the life insurance companies. Net income from financial assets decreased from minus NOK 1.2 billion in 2001, to minus 4.1 billion in 2002. The result before tax and allocation to costumers was minus NOK 7.3 billion in the second quarter of 2002, compared to NOK 0.6 billion in 2001. The value-adjusted result was minus NOK 6.3 billion in 2001, compared to second quarter of 2002 when it was minus NOK 8.7 billion.

Earned premiums (exclusive transfers to other companies) decreased by 1.1 per cent from NOK 17.9 billion in 2001 to NOK 17.7 billion in 2002. During the same period the claims incurred decreased by 2 per cent, to NOK 10 billion. Total assets for life insurance companies increased by 3.4 per cent between second quarter 2001 and 2002, and total assets were at the end of the first quarter 2002 NOK 423 billion.

Tables

Published tables